Tech Mahindra to invest Rs 700 crore in two years

NEW DELHI: IT services company Tech Mahindra on Friday plans to invest up to Rs 700 crore in the newly carved out division of products and platforms in the next two years.

The Mahindra group company is already present in the products and platforms business with its acquisition of the telecom sector-focused Comviva and other offerings which are delivering an annual revenue run rate of $450 million, company’s chief executive and managing director CP Gurnani said.

“In the next two-three years, we are aiming to take the revenue from products and platforms to $1 billion,” he said in a virtual interaction in Pune after making the announcement about the new division at ‘investor day’.

The investment in the new division, to be led by Gurugram-headquartered Comviva’s team, will be Rs 500-700 crore over the next two-and-half years, Gurnani said.

The Comviva team, which also has presence in Bhubaneswar and Bengaluru, has been tasked with leading the entire products and platforms play, he said.

Comviva’s standalone contribution to the $450 million pie will be about $200 million.